Key positives include a successful earnings and cash‑flow turnaround from pandemic‑era losses, a strengthened operating franchise with solid EBITDA margins, and a leading market position as Mexico’s flag carrier. The company has a modernizing fleet, strong brand recognition in premium segments, and valuable partnership and alliance relationships that extend its global reach. Operating cash generation is now robust in normal conditions, and technology‑driven initiatives are steadily improving customer experience and commercial capabilities.

The main concerns are on the balance‑sheet and regulatory fronts. Leverage is high and rising, equity remains negative, and liquidity ratios are thin, leaving limited room for prolonged setbacks. Profitability, while positive, showed clear signs of strain in the latest year, with softer margins amid higher costs and a modest revenue decline. The ordered termination of the Delta joint venture threatens one of Aeroméxico’s core strategic advantages in the U.S. market. Heavy capital spending also compresses free cash flow, increasing reliance on external financing during a period of elevated financial risk.

Looking ahead, Aeroméxico’s prospects hinge on three interlinked factors: the outcome of the Delta joint‑venture dispute, the payoff from its large fleet and digital investments, and its ability to manage a highly leveraged capital structure. If demand remains healthy, cost discipline improves, and the company preserves meaningful cooperation with Delta, the recent softening in margins and free cash flow could prove cyclical. Conversely, weaker demand, adverse regulatory rulings, or financing constraints could weigh more heavily given the stretched balance sheet. Overall, the company appears operationally stronger than in the past but financially more leveraged, with a mixed but potentially constructive medium‑term path depending on execution and external conditions.